Commercial Law Vocab

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Commercial Law Vocab
2012-08-30 10:07:47
Commercial Law Vocab Test

Voacbulary for Commercial Law Vocab Quiz for Wednesday
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  1. What is a legally enforceable agreement?
    Contract (K)
  2. What is the actual bargain of the parties?
  3. What is the term where a court will enforce an agreement against a party?
  4. What is the manifestation of an intent to act or refrain from doing an act?
  5. What is an act or omission (refraining from doing something?
  6. What are the provisions that are part of a K?
  7. What are decisions on a certain set of facts which should be followed in a later case substanially with the same facts?
  8. "Let the decision stand", is a legal concept where the facts are the same and therefore the decision should be the same is what?
    Stare Decisis
  9. What is the name of law that is created by the courts?
    Common Law
  10. What is the name of the compilation of the generally accepted principles in the area of contracts?
    Restatement of Contracts
  11. What is the name of law that is created by legislation?
    Statutory Law
  12. Statutory contract law developed by a committee, adopted by all states including NC in whole or in part
    Uniform Commercial Code
  13. Applies to sales and transactions
    Uniform Commercial Code Article 2
  14. Federal Law that addresses warranties in sales of products for use by Households, families, or individuals(consumer products)
    Magnuson-Moss Warranty Act
  15. North Carolina Laws created by legislature
    NC General Statutes
  16. Compilation of Federal Statutory Law
    US Code
  17. State law that protects consumers who purchase sub-standard cars
    Lemon Law
  18. Commercial transactions conducted electronically
  19. Scholary books on a subject
  20. Formbook for NC that covers many topics on the Z-drive
    Douglas Forms
  21. A proposal made manifesting willingness to enter into a K-includes the intent to be bound by terms of the proposal.
  22. Person making an offer
  23. Person to whom an offer is made
  24. A response to an offer manifesting a willingness to enter into a K- intent to be bound by the terms of the offer
  25. The thing of value whivh is given up by each party to the K, "bargain-for exchange"
  26. Both parties to the K have the same understanding of the terms of the K and agree to be bound by them.
    Mutual Assent
  27. Legal ability to enter into a K (18 years old or older and sound mind)
  28. The purpose and subject matter of a K must be allowed by law
  29. An ancient law which says taht some K's are so important, they must be in writing and signed
    Statute of Frauds
  30. A K which consists of a promise for a promise (from both sides)
    Bilateral K
  31. a K which consists of a promise for a perfomance (from one side)
    Unilateral K
  32. A K the terms of which are specifically stated (oral or written)
    Expressed K
  33. A K that is inferred from the actions of the parties
    Implied K
  34. Obligation imposed by the court to prevent unjust enrichment of one party to the detriment of another (is not a contract, although it looks like a contract
    Quasi K
  35. A remedy- reasonable compensation that a person should receive based on the benefits that the other party has received
    Quantum meruit
  36. A contract which has been fully perfomed
    Executed K
  37. A contract which is not yet fully perfomed
    Executory K
  38. A contract with no legal effect
    Void K
  39. A contract that may be cancelled by one of the parties, but is not automatically void
    Voidable K